Caixin
Jul 29, 2021 10:20 AM
CHINA

CX Daily: The Fall Of China’s Last Bitcoin Mining Haven

An ethnic Tibetan woman in Sichuan province’s Heishui county carries components of cryptocurrency mining machines that were sent from the Xinjiang Uyghur autonomous region on May 2. Photo: Ding Gang/Caixin
An ethnic Tibetan woman in Sichuan province’s Heishui county carries components of cryptocurrency mining machines that were sent from the Xinjiang Uyghur autonomous region on May 2. Photo: Ding Gang/Caixin

Bitcoin /

In Depth: The fall of China’s last Bitcoin mining haven

For the past year and a half, the loud whirring of tens of thousands of high-power computers filled a cavernous warehouse round-the-clock, making a stark contrast with the hushed forests of the Ngawa Tibetan and Qiang autonomous prefecture in Southwest China’s Sichuan province.

This computational arsenal belonged to a crypto mining farm, a facility crammed wall-to-wall with specialized computers dedicated to solving the complex math problems that keep the network running, and earning new Bitcoin along the way. “That’s the sound of cash coming in,” said Ye Lang (pseudonym), the 40-year-old manager of the two-floor facility in the prefecture’s Heishui county.

But this all came to an end at 9 p.m. June 19 as a clean-up notice jointly issued a day before by the Sichuan government demanded the closure of Ye’s facility, along with 25 other cryptocurrency mining projects in the province.

FINANCE & ECONOMY

OP-Stock_cover

Stocks of offshore-listed Chinese companies have slumped recently.Photo: VCG

Stocks /

Opinion: The who, what and why of China’s regulatory crackdown

"Stocks of offshore-listed Chinese companies have slumped recently amid Beijing’s sweeping regulatory actions targeting a range of industries from fintech and ride-hailing to after-school education," writes Ren Yi, an influential Chinese blogger who has more than 1 million followers on Weibo, in an article.

"Overseas investors are withdrawing capital across numerous sectors in a panic as they are unsure who will be next following government sanctions against Ant Group Co. Ltd., Didi Global Inc. and New Oriental Education & Technology Group Inc," writes Ren.

"In this environment, China-concept stocks are inevitably in for a bumpy ride," writes Ren. "Investors have suffered losses and even if they can see some of the logic behind China’s governance, they will still have questions that are difficult to get answers to for some time."

China-U.S. /

U.S. is not seeking confrontation with China, Pentagon chief reaffirms

U.S. Defense Secretary Lloyd Austin said Washington did not want a military clash with China while vowing to challenge China’s assertive activities in the Asia-Pacific.

“We will not flinch when our interests are threatened,” Austin said at an event hosted by the International Institute for Strategic Studies Tuesday in Singapore. “Yet we do not seek confrontation.”

Austin’s remarks focused on U.S. ties with Association of Southeast Asian Nations, including the millions of vaccines that Washington has donated to the region. But he also stressed that the U.S. and its partners faced a common challenge in China.

Foreign Ministry declines to confirm naming of new U.S. envoy

Taliban /

China calls on Taliban to cut all ties with terrorists

Chinese Foreign Minister Wang Yi called on Afghanistan’s Taliban to “completely” cut ties with all terrorist forces, including the East Turkestan Islamic Movement (ETIM), to help restore regional stability.

Wang made the remarks as he met a nine-member Taliban delegation led by Mullah Abdul Ghani Baradar in the northern city of Tianjin Wednesday, according to a statement released by the Ministry of Foreign Affairs.

Covid-19 /

China’s Covid cases rise as Nanjing outbreak reaches five provinces

At least nine cities in five Chinese provinces have reported Covid-19 cases connected to the latest outbreak in the city of Nanjing which has infected at least 150 residents since July 20, local authorities said. Besides Jiangsu province, Guangdong, Sichuan, Anhui and Liaoning are affected.

The northeastern province of Liaoning reported three new asymptomatic cases Monday, all found in Dalian when the city tested people who entered China via Nanjing’s international airport. The province reported two more cases Tuesday.

Third dose of Sinovac’s Covid-19 vaccine shows booster effect, study shows

Quick hits /

China bond bulls unfazed by recent market sell-off

Fisher: When it comes to picking China stocks these days, boring is best

BUSINESS & TECH

Face

A facial recognition machine at the Beijing Daxing International Airport. Photo: VCG

Facial recognition /

China’s top court rules facial recognition without consent is illegal in civil cases

China’s Supreme People’s Court Wednesday ruled in a judicial interpretation that using facial recognition technology without consent would violate law in civil cases amid rising concerns about the technology’s misuse in public venues and residential compounds.

The judicial interpretation said violating the law and regulations governing the use of facial verification, recognition or analysis technology in public venues, such as shopping malls, hotels and banks, infringes on users’ rights and interests.

It also said residential property managers should obtain consent from property owners and tenants before collecting and using facial information via the technology. For those who refuse to do so, managers should provide alternative verification methods.

Social media /

Social media site Xiaohongshu to ax some rival product links, sources say

Chinese social media platform Xiaohongshu will stop hosting some links to products sold on other online shopping platforms Monday, Caixin learned, as the company struggles to persuade users to make purchases in own online marketplace.

The Alibaba-backed app will cease to include written links to goods on its own e-commerce platform as well as Alibaba’s Taobao and Tmall, according to a service provider affiliated with Xiaohongshu. Links provided during commercial live-streams will not be affected.

Huawei /

Huawei removes director at autonomous driving unit over Tesla safety remarks

Chinese telecom giant Huawei Technologies Co. Ltd. ousted a senior director at its smart car solutions unit after his remarks about the safety record of Tesla Inc.’s self-driving feature — and autonomous driving generally — circulated online.

Su Qing, who led the smart driving product department under the company’s intelligent automotive solution business unit until he was removed Tuesday, “made inappropriate comments on Tesla while participating in an external event and talking about autonomous driving technology and safety,” Huawei said in a statement to Caixin. Su will be reassigned after undergoing training, the statement said.

Corruption /

Chief of scandal-ridden Shanghai Electric under probe

The head of Shanghai government-backed energy equipment maker Shanghai Electric Group was placed under graft investigation, the city’s anti-corruption watchdog said Tuesday.

Zheng Jianhua, Communist Party chief and chairman of Shanghai Electric, is being probed on suspicion of serious violations of law and discipline, the graft buster said in a brief statement without giving details.

Quick hits /

Chinese bike-sharing startup Hello scraps plans for U.S. IPO

Tencent suspends WeChat user registrations amid tech fears

South China coal power giant makes yet another big bet on solar

Hot Topics /

Henan braces for typhoon after deadly floods, Tangshan Earthquake anniversary, Nanjing’s growing Covid outbreak

GALLERY

remember01

Mourning the Zhengzhou subway victims

Thanks for reading. If you haven't already, click here to subscribe.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code